Government Betting Monopoly To File Bankruptcy


	Government Betting Monopoly To File Bankruptcy

ColoradoRight

9-2-2009 1:35 PM

158 views

tags:

new york, government, idiocy, incompetent, boobs

ColoradoRight says:

Yep - these are the kind of people that Obama and the Democrats want to turn over the literal power of life and death to.

The kind who can't make money from a guaranteed pool of suckers.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/7999600a-874f-4c04-8d22-2c2d2aa5df9d/6A60824D-B162-4740-A9E5-6028C7B487F9/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://newsbusters.org/blogs/tom-blumer/2009/09/02/government-run-betting-monopoly-goes-broke" href="http://newsbusters.org/blogs/tom-blumer/2009/09/02/government-run-betting-monopoly-goes-broke" style="font-size: 11px;">newsbusters.org</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://newsbusters.org/blogs/tom-blumer/2009/09/02/government-run-betting-monopoly-goes-broke"><P>New York State's Off-Track Betting Corp. (OTB) is filing for bankruptcy "<A href="http://www.reuters.com/article/bankruptcyNews/idUSN0158538320090901">as a municipality</A>" under Chapter 9 of the Federal Bankruptcy Code "<A href="http://www.bloomberg.com/apps/news?pid=20601103&sid=aktUM3PbEC8Q">after four years of losses totaling $38 million</A>."</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://newsbusters.org/blogs/tom-blumer/2009/09/02/government-run-betting-monopoly-goes-broke"><P>You read that right: A government-run gambling monopoly has gone broke, after losing money for years.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://newsbusters.org/blogs/tom-blumer/2009/09/02/government-run-betting-monopoly-goes-broke">How was this seemingly impossible feat accomplished?</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://newsbusters.org/blogs/tom-blumer/2009/09/02/government-run-betting-monopoly-goes-broke"><P>(Reuters) New York State took control of the OTB from the city last July. In June, Paterson appointed Meyer Frucher head of the organization, which employs 40,000 people across the state.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://newsbusters.org/blogs/tom-blumer/2009/09/02/government-run-betting-monopoly-goes-broke"><P>(Reuters) Adding to the gloom are unfunded liabilities of more than $500 million, most of it related to employee retirement, health and other benefits.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://newsbusters.org/blogs/tom-blumer/2009/09/02/government-run-betting-monopoly-goes-broke">All in all, as a government operation, it has turned what should be a fairly simple-to-run money pot and into a money pit.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/6A60824D-B162-4740-A9E5-6028C7B487F9/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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